Unifi Protocol DAO Update
Unifi Protocol DAO Update
June, 2023
A copy of this report can be found and updated at:
https://github.com/unifiprotocol
Unifi Protocol DAO : Transition plan
When Unifi Protocol DAO was conceived it was always planned to do something big and different. This ethos dates back to early 2018 and the creation of multi chain governance with the mission to be neutral, fair, community driven and above all decentralized.
Unifi Protocol DAO today operates on 11 different blockchains, with Defi applications, Staking services, bridges, and governance applications. These services include Staking services in which All node rewards are provided back to stakers and Defi projects that incorporate the fully reserved “UP” token. We are pleased to be keeping with that tradition of doing things a bit differently in how we transition into A fully Decentralized community. The following is an overview of the transition into the next phase of the Unifi Protocol DAO.
Unifi Protocol DAO is becoming fully decentralized in 2023. This process will include DAO ownership of contracts that are live on 11 different blockchains today, including the governance token itself. Unifi Protocol DAO seeks to remain true to its core principles by granting access and rights to its DAO that go above and beyond what is currently seen in today’s DAO structures.
The following document is designed as a simple overview of the ecosystem. A complete detailed understanding of this ecosystem is contained in the referenced links, and applications as it applies to referendums, on chain actions, contract rights and operations, as well as Staking an tokenomics as they evolve in the future.
What is the mission of the Unifi Protocol DAO?
“To Decentralize Itself”
DAO Upgrade
This process will be initiated by the deployment of the new DAO contracts on the Ethereum Blockchain, followed by an upgrade to the Staking mechanism.
Users must move staked tokens into the new staking contract in order to participate in the newly granted Unifi Protocol DAO related rights and activities, including Staking rewards.
An extensive list of Unifi Protocol related contracts (public and private) will be published to allow the DAO to discuss transition plans.
Contract Integration Begins:
Public applications and contracts will begin their integration with the Unifi Protocol DAO. Many of these contracts will require additional referendums and DAO action by the community, with all integrations being accompanied by referendums as applicable.
These contracts can be found on the Unifi Protocol Dao github and will be made available and open sourced for community discussion.
Dao Go-Live:
The new Unifi Protocol DAO token officially goes live. Including Staking, Referendums and on chain execution of new DAO activities.
Contract Integration Ends:
All remaining and live DAO contracts are integrated with the now Live DAO on Tally, to allow for community activities to translate into on-chain Actions.
Contract Tooling:
Some contracts, most notably cross-chain activities will require additional tooling to be designed and built. As these are more sophisticated mechanisms these upgrades will accompany community discussion and referendums.
Future:
With the following completed, the Unifi Protocol DAO will be fully decentralized, and able to build, improve, and incorporate new technologies and projects as it wishes.
DAO Upgrade Process
Staking
Staking is being moved to a new contract. Unlike our previous contract, there is no cap to how much Unifi Dao Token can be staked. Initially, 12,500 Unifi Dao Token will be distributed every 30 days from the Unifi Protocol DAO Treasury. The APR will be determined by the total amount of Unifi Dao Token staked. In the future, the DAO can choose to increase, decrease, or completely remove this incentive.
vUNIFI — https://etherscan.io/address/0x6b5e07063B3cd19BEF0d9e9F66d22dB5D517f52a
Staking — https://etherscan.io/address/0x90817bCcafAb6D5be9E0198252Ba70C542a91bac
Governance
The original Unifi DAO token contract does not contain the proper implementations for voting. Fortunately, the staking contract allows us to wrap the original Unifi Dao token to a token that does contain voting rights. When you stake Unifi Dao Token, you will receive vUNIFI — a non-transferable ERC-20 token compatible with the OpenZeppelin Governance standard. vUNIFI serves a receipt for your staked Unifi Dao Token, redeemable at any time for the original staked Unif Dao Token plus staking rewards.
For Governance, Unifi Protocol will utilize Tally.xyz for on-chain governance, and Snapshot.org for off-chain polling, known as ‘temperature checks’. vUNIFI must be delegated on Tally.xyz in order to participate in on-chain governance. Users can delegate their votes to themselves, or a representative to vote on their behalf. Anybody can be a representative.
Governor — https://etherscan.io/address/0x96618a5f91720f61ffba80fd1ce2822f4f4ba634
Timelock — https://etherscan.io/address/0xD8E3c7AcB8c9337B5CEeeC2539a81297B9d5AD96
Referendums
In order for a referendum to be considered valid, the proposal must pass a temperature check on Snapshot.org, then pass with 50% + 1 approval on Tally.xyz. A proposal must be submitted by a representative with a delegation of at least 50,000 vUNIFI (0.5% of Total Supply), and must reach a quorum of 250,000 vUNIFI (2.5% of total supply). The on-chain proposal will need to submit calldata to implement the proposal.
Once a proposal is passed, the referendum is queued to be executed. A waiting period of 7 days is enforced using OpenZeppelin’s Timelock Controller. This allows users to take action before the implantation of the referendum.
Unifi Protocol DAO Overview
Product/Services
Unifi Protocol DAO has had a vivid life-cycle over the past 3 years.
Since its inception, Unifi has focused its efforts on Decentralized Autonomy, and its organization as a DAO entity to better support its community participants. It’s journey to achieve this goal has been filled with innovation and development across 11 different blockchains today. With products built and deployed in Defi, Bridging, NFT, Staking, and DAO governance.
Many of the products and services can be found at: Unifiprotocol.com
Token Governance:
https://gov.unifiprotocol.com/my-dashboard
Unifi Protocol Governance is largely managed on the associated application. This enables users to Stake, and participate in governance proposals today.
NOTE: See below as this portal is transitioning into our new DAO associated Tally and Snapshot as seen in the section above.
UP Ecosystem :
https://app.unifiprotocol.com/up
The UP token is currently supported and active on 11 different blockchains, with active strategies in constant operation to ensure a high rate of growth over time. The operation of the UP token is completely decentralized, and is a 100% reserve asset backed by the native token of each blockchain it exists on today.
Bridge Ecosystem:
https://app.unifiprotocol.com/bridge
The Unifi Protocol Bridge is a unique solution to supporting the cross chain Unifi Dao Token ecosystem. Unifi Protocol supports both native liquidity and custom cross chain referendum participation to allow multichain governance participation.
Staking:
https://app.unifiprotocol.com/stake
Unifi Protocol DAO has many long standing patterns with other blockchain staking ecosystems and today acts as Premier partners to many such networks.
Unifi People NFT’s :
https://app.unifiprotocol.com/nft
Unifi has routinely supported its active community members with NFT’s as found in its anniversary collection. Active and claimable on its own application and integrated with IPFS and Opensea today.
